Les Sœurs de Sainte-Anne du Québec and Comité Syndical National de Retraite Bâtirente have withdrawn a proposal concerning the Pascua-Lama Project and the potential impact on the water sources of the surrounding agricultural valleys in Chile and Argentina in recognition of Barrick’s commitment to publish on its website by October 2006, a distinct report on how the Pascua-Lama project respects 1) the right to water, as described in the General Comment 15 by the Committee monitoring the Covenant on Economic, Social and Cultural Rights of the United Nations, 2) the precautionary principle, as defined in the Rio Declaration on Environment and Development, and 3) the IFC-World Bank guideline on public consultation and disclosure of information (OP 4.01). On point 1) the report will specifically address current and planned mitigation measures as well as plans to monitor water quality and how the project will impact access for water users in the valleys. On point 3) the report will describe how the company will continue to monitor community support all along the project life.

Barrick is engaging in dialogue with these shareholders and plans to work collaboratively to address their concerns in a constructive manner. Barrick has the primary responsibility to ensure that it complies with, or exceeds, all regulatory and legal obligations in the jurisdictions where it operates. As a leading global company, Barrick is also committed to applying, where appropriate, international standards and industry best practices which may exceed the local requirements.

The Chilean Government has in place a robust regulatory regime which ensures that projects developed under its authority meet the required environmental and social standards. These laws and requirements are in themselves largely based on international standards and locally acceptable practices. In the case of the Pascua-Lama Project, Barrick has complied with all Chilean regulatory requirements relating to environmental and social matters and surpassed them in a number of important areas, including environmental mitigation programs and stakeholder consultation. The Pascua-Lama Project has been designed to preserve the quality and quantity of water in the Huasco Valley. Multiple preventive mechanisms have been put in place to negate or mitigate any potential environmental impacts. An extensive program of community development, local procurement and local employment has been implemented to enhance the benefits to the local community.

Report

Click here to review the report in PDF format. Please note, this report has been prepared by an independent third party and it does not necessarily represent the views of Barrick.

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